Market closing: Sensex closed at 52,950.63, up 363.79, or 0.69%, while the Nifty was at 15,885.15, up 122.10 points or 0.77% on Monday. Realty outperformed, while IT, auto and PSU banks were top gainers.
Indian indices closed over higher 0.69% on Monday. HDFC Ltd reported a standalone net profit fall of 1.6% at ₹3,000.6 crore as compared to ₹3,051.5 crore in the same quarter last year. The realty sector gained more than 4% on Monday. Adani group, Bank of India, Bharti Airtel, Barbecue Nation, Dhampur Sugar, among other companies will report their Q1 earnings tomorrow.
02 Aug 2021, 04:05:46 PM IST
Rupee gains 8 paise to close at 74.34 against US dollar
02 Aug 2021, 04:01:43 PM IST
Market closing quote: Gaurav Udani, CEO and founder, ThincRedBlu Securities
"Nifty opened with a gap up and was able to sustain in the positive territory for the entire day. It ended with positive 125 points since yesterday's close. Volumes were less than average volume of the past few days which is not a good sign for bulls. Nifty has resistance in 15,900 and 1,5950 range and support at 15,750-1,5830 range. Fresh longs should be considered only on Nifty closing above 16,000 levels with higher than average volumes."
02 Aug 2021, 03:50:39 PM IST
Sensex closed at 52,950.63, up 363.79, or 0.69%, while the Nifty was at 15,885.15, up 122.10 points or 0.77% on Monday. Realty outperformed. IT, auto and PSU banks were top gainers. On the 30-share Sensex, Titan, M&M, RIL, and 18 other stocks closed in green, while Tata Steel, Bajaj FInserv, Bajaj Finance, and 6 other stocks closed in red.
02 Aug 2021, 03:28:47 PM IST
RIL drives gains
02 Aug 2021, 03:21:22 PM IST
Rakesh Jhunjhunwala to invest in this metal company, stock hits upper circuit
Indian ace investor and stock market trader Rakesh Jhunjhunwala will invest nearly ₹31 crore in the lesser-known smallcap metals and mining company Raghav Productivity Enhancers, as informed by the company in an exchange filing on the BSE on Sunday. Shares of the company surged to a new high at ₹716.9 per share after hitting upper circuit for the seventh consecutive day on Monday. The company said that it will issue up to 6,00,000 Unsecured Compulsory Convertible Debentures (CCD’s) for an amount of upto maximum ₹30.9 crore by way of a preferential allotment on Private Placement basis to Rakesh Jhunjhunwala. The CCDs will be converted into equity shares at the end of 18 months from the date of allotment. (Read here)
02 Aug 2021, 03:17:41 PM IST
HDFC AMC to launch Nifty 50 equal-weight index fund
HDFC Asset Management Company Ltd will launch a Nifty 50 equal-weight index fund, a new fund offer that will aim to track the performance of constituents forming part of the parent index, where each company in the index shall be assigned equal weight at the time of review. As per the fund house, the scheme will take exposure to all the stocks in Nifty 50 with an intent to participate in the growth story with no market-cap bias. (Read here)
“Indian markets started on a positive note following upbeat Asian market peers as China’s official manufacturing PMI released over the weekend also showed factory activity growth in July. During the afternoon session the markets maintained their upward momentum following gains in Realty, Energy and Consumer Durables stocks. Healthy buying was also observed in blue-chip stocks. Sentiments were upbeat as India's manufacturing sector activities witnessed the strongest rate of growth in three months in July amid improved demand conditions and easing of some local COVID-19 restrictions. The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) rose from 48.1 in June to 55.3 in July, pointing to the strongest rate of growth in three months. Adding more positivity, Union Finance Minister Nirmala Sitharaman states that Goods and Services Tax (GST) collection for July 2021 has again crossed ₹1 lakh crore with easing out of COVID-19 restrictions and added it indicates that the economy is recovering at a fast pace."
"Ashok Leyland reported a better than expected set of monthly sales numbers for July 2021 with total sales volumes registering a growth of 81% YoY to 8,650 units as compared to 4,776 units last year. MHCV sales registered a strong growth of 124% YoY to 3,822 units while LCV sales registered a growth of 57% YoY to 4,828 units. The Jul '21 sales numbers have come in ahead of estimates which should act as a positive catalyst for the stock. Post the Jul’21 sales numbers we continue to maintain a positive outlook on the company and maintain our BUY rating with a price target of ₹145.Ashok Leyland reported a better than expected set of monthly sales numbers for July 2021 with total sales volumes registering a growth of 81% YoY to 8,650 units as compared to 4,776 units last year. MHCV sales registered a strong growth of 124% YoY to 3,822 units while LCV sales registered a growth of 57% YoY to 4,828 units. The Jul '21 sales numbers have come in ahead of estimates which should act as a positive catalyst for the stock. Post the Jul’21 sales numbers we continue to maintain a positive outlook on the company and maintain our BUY rating with a price target of ₹₹145."
02 Aug 2021, 03:00:29 PM IST
Indian Bank gains
State-owned Indian Bank's stock was trading at ₹139.35 each, up 0.32% at 3pm. The lender on Monday entered into a memorandum of understanding (MoU) with the Society for Innovation and Entrepreneurship (SINE), IIT Bombay - an initiative of Indian Institute of Technology—for extending exclusive credit facility to startups and small businesses. SINE, IIT Bombay, supports the MSME sector by providing joint research and development arrangements and technical and financial support for incubation and acceleration of high-end technology products. (Read here)
Carborundum Universal's stock was trading at ₹718.95, up 6.88% at 2:44 pm. The company reported June-quarter consolidated net profit of ₹771.3 million compared to ₹197.3 million a year ago. The June-quarter consolidated sales ₹7.06 billion compared to ₹4.44 billion a year ago.
J&J withdraws proposal seeking accelerated covid vaccine approval in India
Global healthcare major Johnson & Johnson has withdrawn its proposal seeking accelerated approval of its Covid-19 vaccine in India, the Central Drugs Standard Control Organisation said on Monday. The firm has informed that they are withdrawing their proposal, India's drug regulator said. (Read here)
02 Aug 2021, 02:23:51 PM IST
Emami reported Q1 consolidated net profit of ₹778 million compared to ₹390 million a year ago. The Q1 consolidated ebitda was at ₹2.5 billion compared to ₹2.89 billion in the previous quarter.
TVS Motor sales up 10 pc in July at 2,78,855 units
TVS Motor Company on Monday reported total sales of 2,78,855 units in July, up 10 per cent from 2,52,744 units sold in the same period last year.
Total two-wheelers sales were at 2,62,728 units in July 2021, as against 2,43,788 units in July 2020, TVS Motor Company said in a statement. Motorcycle sales last month stood at 1,38,772 units in the period under review, as compared to 1,06,06 units in July last year.
02 Aug 2021, 01:52:21 PM IST
Bajaj Auto sales jump 44% in July; exports more than double
Two-wheeler and three-wheeler manufacturer Bajaj Auto on Monday reported a 44% jump in its total sales at 3,69,116 units in July 2021. The company had sold 2,55,832 units in the same month a year ago. The company's exports during the month under review more than doubled to 201,843 units as against 96,856 units sold in the corresponding month last year. Domestic sales in July this year were at 1,67,273 units as against 1,58,976 units, up 5 per cent, Bajaj Auto said in a regulatory filing. Its total motorcycle sales stood at 3,30,569 units, up 39%, as compared to 2,38,556 units sold in July last year. Meanwhile, total commercial vehicle sales also more than doubled to 38,547 units as against 17,276 units in the same month last year. (Read here)
Private equity investments in India rise 120% in H1 2021
The year 2020 was turbulent for India, with Covid-19 causing a GDP contraction of 7.3% and leading to the highest-ever annual fiscal deficit at 9.5% for fiscal year 2021. But despite a severe second wave earlier this year, 2021 has turned the corner, with unprecedented stock market gains on the back of strong recovery forecast, robust foreign institutional investor inflows, and Covid-19 vaccine approval and administration. (Read here)
Around 6.26 lakh residential units have been delayed whereas 1.74 lakh units worth ₹1.40 lakh crore are completely stuck, according to a report by Anarock Research. Launched in 2014 or before, the total value of the currently stuck or delayed housing units exceeds ₹5.05 lakh crore.
02 Aug 2021, 12:56:32 PM IST
Industry Watch: Specialty chemicals stocks surge
02 Aug 2021, 12:51:11 PM IST
NCL Group wins AP Govt contract worth ₹1,863 Cr
A consortium of NCL Industries Ltd. and NCL Buildtek Ltd. has received Letters of Acceptance (LoA) of bids aggregating to ₹1,863.19 crore for supply of Pre-painted (GI) Steel Window Frame with Glazed Shutters and GI Powder-Coated Door Frames to the Andhra Pradesh State Housing Corporation Ltd. (PTI)
02 Aug 2021, 12:42:40 PM IST
Titan top gainer, UPL drags
02 Aug 2021, 12:39:05 PM IST
Adani Wilmar may file DRHP this week: report
The 7th company from the Adani group to take the IPO route, Adani Wilmar eyes a ₹37,500 crore fundraise, CNBCTV18 reported.
IDFC First Bank Ltd’s investors have been disappointed by the lender’s June quarter performance. The bank reported a quarterly loss as against expectations of a profit because of slippages in a large infrastructure loan account.
The private sector lender’s gross bad loan rose to 4.61% of its book from 4.15% in the quarter before. Much of the pain seems to have emanated from a single large infrastructure account that slipped during the quarter. The borrower was a Mumbai-based toll road account to which the bank has an exposure of Rs854 crore. (Read here)
HDFC Ltd's stock was trading at ₹656.10 each, down 3.66% at 11:53 am. Housing Development Finance Corporation (HDFC) Limited on Monday reported a standalone net profit fall of 1.6% at ₹3,000.6 crore as compared to ₹3,051.5 crore in the same quarter last year. The net interest income (NII) witnessed a growth of 22% year-on-year (YoY).
HDFC's net interest margin (NIM) stood at 3.7% during the first quarter of the current fiscal. Its Capital Adequacy came at 22% whereas Tier 1 Capital at 21.3%
02 Aug 2021, 11:40:10 AM IST
Tejas Networks hit 5% upper circuit after huge block deal
Tejas Networks Ltd witnessed a series of block deals on the exchanges on Monday with around 7.5 million shares, or 8% stake, changing hands, Bloomberg reported. Details of buyers and sellers were not immediately available. The stock hit 5% upper circuit to hit a record high of Rs271.20 a share. This was the eighth consecutive session when the stock touched the 5% upper limit, having surged 48% during the period. So far this year, the scrip has advanced over 97%. (Read here)
02 Aug 2021, 11:24:15 AM IST
PI Industries' stock surges
PI Industries Ltd's stock was trading at ₹3,164.65, up 7.33% at 11:21 am. The company has agreed to acquire Ind-Swift Laboratories Ltd's (ISLL) API and intermediates business on a slump sale basis for a consideration of ₹1530 crore on debt and cash free basis subject to closing adjustments. The purchase consideration will be paid in all-cash and funded from the proceeds of the completed qualified institutional placement (QIP) and internal accruals.
PMI manufacturing recovers in July after June shock
After slipping into contraction for the first time in 11 months during June, India’s manufacturing activity posted the strongest growth in three months in July with states easing localized pandemic restrictions. Data released by data analytics firm IHS Markit showed purchasing managers’ index (PMI) for manufacturing sector rose to 55.3 in july from 48.1 in June. A level above 50 is considered expansion while below 50 is considered contraction in economic activity.
02 Aug 2021, 10:56:55 AM IST
Hindustan Zinc eyes entry in Bangladesh
Hindustan Zinc's stock was trading at ₹325.30 apiece, up 1.47%. The company is eyeing a foray into Bangladesh with an eye on its booming economy, chief executive Arun Mishra said told Business Insider reported. The metals major also plans to set up a factory in Gujarat to boost supplies in South Asia.
Nifty commentary: Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments
The index has opened with a hearty enthusiasm this morning and is trading closer to the 15,900 level. This has happened multiple times and it always ends up retracing from there. If the markets can manage a close above 15,960-15,970 (which was the high of 16 July), we can break out of the current range and aim at achieving 16,200. The current support for the Nifty has been upgraded to 15,700 so until we do not break that on a closing basis, we are in bullish terrain.
02 Aug 2021, 10:27:35 AM IST
LIC Housing trades lower
LIC Housing Finance's stock was trading at ₹406.70 each, down 0.94% at 10:26 am. The non bank lender is still awaiting clearances from the stock exchanges before it could go ahead with the ₹2,334 crore preferential issue to its parent Life Insurance Corporation even though capital market regulator Sebi had not raised any query and the mortgage lender denied approaching the Securities Appellate Tribunal (SAT) in this regard, people close to the matter said.
Devyani International IPO opens this week: GMP, price band, date, and other details
Food and beverages major and the largest franchisee of Pizza Hut, KFC, and Costa Coffee, Devyani International's initial public offering (IPO) will open for subscription next week on August 4. The issue, which will close on August 6, has has fixed the price band of its initial share sale at ₹86-90 per share, and the firm will raise about ₹1,838 crore. As per market observers, Devyani International shares are available at a premium (GMP) of ₹58 in the grey market today. The grey market is an unofficial platform, wherein trading starts after the announcement of IPO price band till the listing of IPO shares. (Read here)
02 Aug 2021, 10:20:12 AM IST
Rupee inches 6 paise higher to 74.36 against US dollar in early trade
02 Aug 2021, 09:59:23 AM IST
Auto, realty drive gains
02 Aug 2021, 09:56:55 AM IST
Gold prices today fall for second day in a row, silver rates drop
Gold and silver rates edged lower in India today, tracking weak global cues. On MCX, gold futures fell 0.16% to ₹47,926 per 10 gm while silver slipped 0.3% to ₹67,865 per kg. (Read here)
02 Aug 2021, 09:45:32 AM IST
RIL eyes Subway India franchise: report
RIL unit Reliance Retail is eyeing the buyout of US sandwich chain Subway's India franchise, according to media reports.
The Sensex opened at 52,901.28, up 314.44 points or 0.60%, while Nifty was at 15,874.90, up 111.85 points, or 0.71%.
02 Aug 2021, 09:02:09 AM IST
Indian diesel sales hold below pre-virus levels on restrictions
India’s sales of diesel, a bellwether for the nation’s economic activity, remained below pre-virus levels last month due to the slow rollback of some restrictions following a deadly wave of Covid-19. Diesel sales in July were about 11% below the same period in 2019, according to preliminary data from India’s three biggest fuel retailers. However, sales of gasoline have rebounded above pre-virus levels, officials said, as people make use of their own vehicles to avoid public transport and possible infection.
Bitcoin prices fell today after climbing over the weekend to the highest levels since May. Bitcoin has rallied over the past two weeks, breaking past the upper bound of a prolonged trading range between $30,000 and $40,000. The cryptocurrency traded up to $42,390 on Saturday, its highest level since May 20.
As per CoinDesk, the world's largest cryptocurrency by market capitalization was trading over 4% lower to $39,748.5. Ether, the coin linked to ethereum blockchain network, dipped marginally at $2,560 whereas dogecoin plunged nearly 3% to $0.20. Other digital tokens including Stellar, XRP, Litecoin, Uniswap also fell in the range of 3-8% over the last 24 hours. (Read here)
02 Aug 2021, 08:38:47 AM IST
Markets are likely to stay rangebound on Friday while trends in SGX Nifty indicate a flat opening. The BSE Sensex ended at 52,586.84, down 66.23 points or 0.13%. The Nifty was at 15,763.05, down 15.40 points or 0.10%. (Read here)
02 Aug 2021, 08:34:38 AM IST
Stocks to Watch
Airline stocks, auto stocks, HPCL, IOC, power, Vedanta, among other stocks may be in the news today. (Read here)
02 Aug 2021, 08:18:57 AM IST
LIC Housing waiting for bourses response on ₹2,334 cr preferential issue
The non bank lender is still awaiting for clearances from the stock exchanges before it could go ahead with the ₹2,334 crore preferential issue to its parent Life Insurance Corporation even though capital market regulator Sebi had not raised any query and the mortgage lender denied approaching the Securities Appellate Tribunal (SAT) in this regard, people close to the matter said. (Read here)
02 Aug 2021, 07:56:43 AM IST
Unemployment rises in India
The labour market seems to have recovered from the impact of second wave of covid-19, with unemployment rate dropping and the labour force participation rate (LFPR) and employment rate improving by the end of July.
However, this is primarily driven by the agriculture real estate sectors. In contrast, mining and manufacturing have shed millions of jobs, while the employment figures in the services sector has remained largely unchanged, according to monthly data accessed on Sunday from the Centre for Monitoring Indian Economy (CMIE). (Read here)
02 Aug 2021, 07:47:38 AM IST
Passenger vehicle dispatches improve in July as curbs eased
India’s leading passenger vehicle manufacturers increased production and dispatches to dealerships in July, compared to the preceding month, as states eased lockdown restrictions further following a sustained decline in covid-19 cases. Most dealerships resumed operations across India and manufacturers moved in to fill the inventory levels. In the March quarter, most passenger vehicle manufacturers reported a sustained recovery in retail sales, while supply constraints because of shortage of semiconductors led to high waiting period for some models and depleted vehicle inventory. (Read here)
02 Aug 2021, 07:34:17 AM IST
Asian markets open higher
Most Asian stocks rose with U.S. equity futures Monday as some of the concerns over China’s regulatory crackdown eased and progress on a U.S. infrastructure spending plan aided sentiment. Treasury yields edged up.
Equities jumped in Japan and Australia, where Afterpay Ltd. surged after digital-payments platform Square Inc. agreed to buy the buy-now, pay-later company. Futures on the S&P 500 and Nasdaq 100 climbed, with a $550 billion infrastructure package getting closer to passage in the Senate this week.
S&P 500 contracts rose 0.5% as of 10:55 a.m. in Tokyo. The S&P 500 fell 0.5%
Nasdaq 100 futures added 0.4%. The Nasdaq 100 fell 0.6%
Japan’s Topix index rose 1.7%
Australia’s S&P/ASX 200 Index rose 1.4%
South Korea’s Kospi index gained 0.1%
Hong Kong’s Hang Seng Index shed 0.4%
China’s Shanghai Composite Index fell 0.6%
Never miss a story! Stay connected and informed with Mint.
our App Now!!